Seattle Genetics Inc. (NASDAQ:SGEN) shares dropped 3% on Wednesday after an insider sold shares in the company. The stock traded as low as $54.25 and last traded at $54.30, with a volume of 310,502 shares trading hands. The stock had previously closed at $55.99.
Specifically, EVP Vaughn B. Himes sold 3,991 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total transaction of $185,940.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Clay B. Siegall sold 11,660 shares of the firm’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $47.19, for a total transaction of $550,235.40. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
SGEN has been the subject of a number of recent analyst reports. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Seattle Genetics in a report on Monday, June 20th. Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective (up from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. Zacks Investment Research raised shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Monday, July 4th. Cantor Fitzgerald lowered shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a report on Wednesday, July 27th. Finally, SunTrust Banks Inc. raised their price objective on shares of Seattle Genetics from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $51.53.
The company’s market capitalization is $7.35 billion. The company’s 50 day moving average price is $51.98 and its 200 day moving average price is $43.25.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. During the same quarter in the previous year, the business posted ($0.38) earnings per share. The business’s revenue for the quarter was up 23.7% on a year-over-year basis. Equities analysts predict that Seattle Genetics Inc. will post ($1.00) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGEN. MSI Financial Services Inc boosted its position in Seattle Genetics by 114.0% in the third quarter. MSI Financial Services Inc now owns 1,866 shares of the company’s stock worth $101,000 after buying an additional 994 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock worth $145,000 after buying an additional 981 shares in the last quarter. First National Bank of Omaha acquired a new position in Seattle Genetics during the third quarter worth about $201,000. Bristlecone Advisors LLC acquired a new position in Seattle Genetics during the third quarter worth about $227,000. Finally, HighTower Advisors LLC acquired a new position in Seattle Genetics during the second quarter worth about $206,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.
Seattle Genetics Company Profile
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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